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Finance

Financial Statements The Janet Trotter Trust 2016-2017

Last updated: 9 February 2021

Financial statements for the year ended July 2017

Contents

  1. Trustees, Officers and Advisors
  2. Report of the Trustees
  3. Independent Auditors’ Report to the Trustees of the Janet Trotter Trust
  4. Statement of Principal Accounting Policies
  5. Statement of Financial Activities
  6. Balance Sheet
  7. Notes to the Financial Statements

1. Trustees, Officers and Advisors

Principal Address and Registered Office
The Park Campus
The Park
CHELTENHAM
Gloucestershire
GL50 2RH

Trustees
E Beard
S Dove
Prof D James C Mills
A Dawson
F C Stallard (Chair)

Solicitors
Harrison Clark Rickerbys
Ellenborough House Wellington Street
CHELTENHAM
Gloucestershire
GL50 IYD

Registered Auditors
Grant Thornton UK LLP
3140 Rowan Place
John Smith Drive
Oxford Business Park South
OXFORD
OX4 2WB

Bankers
Royal Bank of Scotland plc
PO Box 9
31 The Promenade
CHELTENHAM
Gloucestershire
GL50 lLH

Investment Advisers
Quilter Cheviot Asset Management
90 Long Acre
LONDON WC2E
9RA

2. Report of the Trustees

The Trustees have pleasure in presenting their report and accounts for the year ended 31 July 2017.

The Janet Trotter Trust is a charitable trust constituted by deed and registered under the Charities Act 2006 (Charity registration number 1038551).

Objects

The objects of the Charity are the advancement of education of the public and in particular (but not so as to limit the generality of the foregoing) the provision of scholarships, exhibitions, bursaries or benefits to enable individuals to pursue their education at the University of Gloucestershire or at such other college or university as the Trustees may from time to time decide.

Trustees

The body of Trustees consists of at least four people, including a majority of University of Gloucestershire nominated Trustees.

The Chair of the board is appointed by the Vice Chancellor of the University of Gloucestershire from the University nominated Trustees.

Powers of Investment, Policy and Performance

In accordance with the Trust Deed, the Trustees have unlimited powers of investment subject to law and the conditions imposed by donors.

The Trustees have continued to maintain the strategy of creating a substantial capital fund through investing in bank deposits and a share portfolio, independently managed by Quilter Cheviot Asset Management. The Trustees are only using the investment income earned to help students with severe hardship. Wide publicity of the facility has continued, with the assistance of the University of Gloucestershire Students’ Union. The investment income earned in the year was £13,119 (2016: £14,186).

Review of Development and Activities

During the year the Trust generated net incoming resources of £29,976 (2016: £2,591).

The net assets of the  Trust  have  increased  during the year to £520,130  (2016:  £438,441)  resulting  from a £51,713 increase in the market value of the trust’s investments combined with the net incoming resources of £29,976.

The Trustees met three times in the financial year under report, in November 2016 and January and May 2017. The Board considered applications, in the context of other bursary and access funds available, to ensure, as far as possible, equitable treatment for those seeking assistance.

In summary. £8,372 was granted to nine successful applicants during the year compared to £15,528 given to nine applicants in the financial year 2015-2016.

Plan for Future Periods

The Trustees intend to continue to distribute bursaries and other grants to eligible applicants in line with the charity’s objects.

Reserves

The Charity’s policy on restricted funds is to separately record donations, grants and other sources of fundraising where restrictions are imposed that are narrower than the Charity’s overall objectives.

The Trustees have established a policy whereby the unrestricted funds not committed or designated for specific purposes (“the free reserves”) held by the Charity should be maintained at a level which generates income from investments sufficient to cover grants and expenditure.

Investments

The Charity manages its investment portfolio through Quilter Cheviot Investment Management. Its investment objectives are to obtain a balance of capital growth and income; an ethical investment policy has also been adopted.

The portfolio performance is reported to the Trustees on a regular  basis.  During 2016-2017 the portfolio gave an annual return of 11.3%. At the balance sheet date, the portfolio consisted  of a combination  of equities  and  fixed interest bonds; approximately 24% of the asset allocation is held in fixed interest and cash,  35% in UK equities 13% in alternative investments and the remaining 28% held overseas, providing a good spread of risk.

Investments disposed of throughout the year resulted in a profit of £10,913 (2016: Nil).

Trustees

The Trustees of the Charity are listed below:

E Beard
S Dove
Prof. D James
S Harvey (resigned 31 August 2016)
S Ollin (resigned 3l August 2016)
C Mills (appointed 1 September 2016)
A Dawson (appointed 1 September 2016)
F C Stallard (Chair)

Risk Management

In the light of the Corporate Governance Guidance contained within the Charities Statement of Recommended Practice 2015, the Trustees have continued to review the major strategic business and operational risks to which the Charity has been exposed. Systems have been established to mitigate these risks and procedures are being implemented to minimise any potential impact on the Charity should any of these risks materialise.

Trustees’ Responsibilities Statement

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

The Charities Act 2011 requires the Trustees to prepare financial statements for each financial year. The Trustees have to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

The Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditors

A resolution to reappoint Grant Thornton UK LLP as auditors to the trust will be proposed at the annual general meeting.

By Order of the Trustees

Signature for F C Stallard

F C Stallard
15 November 2017

3. Independent Auditors’ Report to the Trustees of the Janet Trotter Trust

Opinion

We have audited the financial statements of The Janet Trotter Trust (the ‘charity’) for the year ended 31 July 2017 which comprise the statement of financial position, the statement of financial activities, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102; The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Who we are reporting to

This report is made solely to the charity’s trustees, as a body, in accordance with Section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by. law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report, set out on pages 3 to 5 other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the Trustees’ Responsibilities Statement set out on page 5, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s rep01t that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Signature for Grant Thornton UK LLP

Mark Bishop ACA
Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants Oxford
Date: 29 November 2017

Grant Thornton UK LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

4. Statement of Principal Accounting Policies

1. General

The following accounting policies have been applied consistently to items, which are considered material in relation to the financial statements.

2. Basis of Preparation & Assessment of Going Concern

The financial statements have been prepared in accordance with the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (FRS102) and applicable Accounting and Financial Reporting Standards.

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.

3. Income Recognition

Income received that is earmarked either by the donor or by the terms of appeal for particular projects will be shown under Restricted Funds. All income from legacies, gifts, donations, and grants is credited to the Statement of Financial Activities when it is recognised that the charity has entitlement to the funds, when any performance conditions attached to the item have been met, it is probable that the income will be received and the amount can reliably be measured.

4. Charitable and Other Expenditure

Expenditure incurred by the Trust is allocated between Direct Charitable Expenditure and Other Expenditure. Direct Charitable Expenditure comprises all expenditure relating to the objectives of the Trust. Other Expenditure is analysed between expenditure on the management and administration of the Trust and expenditure on management of the investment portfolio.

5. Fixed Asset Investments

Investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

6. Cash

Cash includes cash in hand and deposits repayable on demand. Deposits are repayable on demand if they are in practice available within 24 hours without penalty.

7. Cash Flow

The Charity qualifies as a small Charity under the terms of the Charities Act 2011. As a consequence it is exempt from the requirement to publish a cash flow statement.

8. Reserves

Reserves are maintained at a level which generates income from investments sufficient to cover grants and direct expenditure.

5. Statement of Financial Activities

Restricted
Funds
2017
Restricted
Funds
2016
Note££
Income and Endowments from:
Donations and legacies118,7058,968
Investments213,11914,186
Total31,82423,154
Expenditure on:
Charitable activities(8,372)(15,528)
Other3 and 4(4,389)(5,035)
Total(12,761)(20,563)
Net gains and losses on investments10,913
Net Income and Net Movements in Funds for the Year29,9762,591
Other recognised Gains/(Losses)
Gain/ (Loss) on revaluation of investment assets51,71321,578
Net movement in funds81,68924,169
Reconciliation of funds
Total funds brought forward438,441414,272
Total funds carried forward9520,130438,441

All results in 2017 are attributable to continuing activities.

The Charity has no recognised gains or losses other than surpluses and deficits above and therefore no separate statement of total recognised gains or losses has been presented.

There is no difference between the net incoming resources for the year stated above and their historical equivalents.

6. Balance Sheet

20172016
Note££
Fixed assets
Investments5486,386390,440
Current assets
Debtors68741,613
Cash at bank and in hand734,07146,989
Total34,94548,601
Creditors: amounts falling due within one year8(1,200)(600)
Net current assets33,74548,001
Total Net assets520,130438,441
Funds
Restricted funds520,130438,441
Total funds520,130438,441

The Financial Statements on pages 8 to 12 were approved by the Trustees on 15 November 2017 and signed on its behalf by:

Signature for F C Stallard

F C Stallard (Trustee)

7. Notes to the Financial Statements

Restricted
funds
2017
Restricted
funds
2016
££
1 Donations
Gifts18,7058,968
2 Investment income
National Westminster bank interest711
Central Board of Finance of Church of England deposit interest54101
Dividends9,28812,224
Interest on investments3,77014,186
Total13,11914,186
3 Governance and administrative costs
Audit fees600600
Marketing design50
Total600650
4 Investment management costs
Portfolio management costs3,7894,385
5 Investments
As at 1 August388,415365,923
Acquisitions at cost125,784
Disposals(102,602)
Accrued interest179761
Revaluation55,94621,731
As at 31 July467,722388,415
Cash held by Quilter Cheviot18,6632,025
Total investments486,385390,440
6 Debtors
Interest receivable9
Dividends receivable8741,603
Total8741,612
7 Cash at bank and in hand
National Westminster Current Account36818
Central Board of Finance of the Church of England2,47320,411
National Westminster Reserve Account31,23026,560
Total34,07146,989
8 Creditors: amounts falling due within one year
Audit fees600600
9 Restricted fundsBalance
1 August
2016
Movement in
incoming
Resources
outgoing
Movements in revaluationBalance 31
July 2017
£££££
The Janet Trotter Trust Fund438,44142,737(12,761)51,713520,130

10  Related Party Transactions

Financial Reporting Standard No 8 ‘Related party disclosures’ requires the disclosure of material transactions between the Charity and any related parties.

For the financial year ending 31 July 2017 all expenditure on charitable activities related to bursaries made to students of the University of Gloucestershire, in accordance with the statement of principal activities of the Charity as set out in the Report of the Trustees.

11 Ultimate Parent Company

The Trustees regard the University of Gloucestershire as the ultimate holding company by virtue of its controlling interest in the board of Trustees of the Charity. Copies of the parent’s consolidated financial statements may be obtained from the Company Secretary, University of Gloucestershire, The Park Campus, The Park, Cheltenham, Gloucestershire GL50 2RH.

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